Clean and green: Duke Energy (NYSE: DUK) issues second green bond

Company collaborates with diversity-owned banks for $600 million transaction

CHARLOTTE, N.C. - March 8, 2019 (Investorideas.com Newswire) Duke Energy Progress, a subsidiary of Duke Energy (NYSE: DUK), has completed its first issuance of $600 million in green bonds that will finance eligible green energy projects, including the development, construction and procurement of solar generation in the Carolinas.

This transaction, which involved two minority-owned banks to place the bonds, marks the second green bond transaction by a Duke Energy utility. Duke Energy Carolinas issued $1 billion of green bonds in November 2018.

"We are providing our customers and communities with ever-cleaner energy – and these investments help us get there even faster as we expand renewable energy across the Carolinas," said Duke Energy executive vice president and chief financial officer Steve Young. "We saw strong interest in our first green bond last year and are excited to expand these offerings for investors."

The company is well on its way to achieving its goal of reducing carbon emissions by 40 percent by 2030, having already reduced carbon emissions by 31 percent from 2005 levels.

In the last decade, Duke Energy Progress retired 12 older coal-fired units, increased nuclear generation capacity and added more than 2,000 megawatts (MW) of built or purchased solar capacity. For six straight years, the utility has been among the top 10 utilities nationwide for adding solar capacity to its system.

The green bonds, priced at 3.45 percent fixed-rate coupon and 10-year maturity, will ensure the company's eligible green projects continue to be financed on attractive terms to serve Carolinas customers.

The company priced the bonds on March 4 and closed the transaction earlier today.

Among the underwriters were two diversity banks – Academy Securities, Inc. and C.L. King & Associates. These two banks are owned and primarily staffed by disabled veterans and women, and increase Duke Energy's work with diverse investors and suppliers.

"This was an exciting opportunity to support Duke Energy's investments in green energy as well as its strategy to advance diversity and inclusion," said Chance Mims, CEO of Academy Securities. "As an investment bank owned by disabled veterans, we are proud of the business community's efforts to bolster awareness of firms with diverse backgrounds and look forward to seeing this focus further develop."

"As we look ahead, we plan to invest in clean, green generation sources into the future and will continue to look for innovative options to finance these projects with diversity-owned firms," said Young.

Duke Energy

Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is one of the largest energy holding companies in the U.S., with approximately 29,000 employees and a generating capacity of 49,500 megawatts. The company is transforming its customers' experience, modernizing its energy grid, generating cleaner energy and expanding its natural gas infrastructure to create a smarter energy future for the people and communities it serves.

The company's Electric Utilities and Infrastructure unit serves approximately 7.6 million retail electric customers in six states – North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. Its Gas Utilities and Infrastructure unit distributes natural gas to approximately 1.6 million customers in five states – North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Its Commercial Renewables unit operates a growing renewable energy portfolio across the U.S.

A Fortune 125 company, Duke Energy was named to Fortune's 2018 "World's Most Admired Companies" list and Forbes' 2018 "America's Best Employers" list.

More information about the company is available at duke-energy.com. The Duke Energy News Center includes news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

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